intermediate accountingfifteenth edition ch08.docx
- 文档编号:7197953
- 上传时间:2023-01-21
- 格式:DOCX
- 页数:105
- 大小:73.87KB
intermediate accountingfifteenth edition ch08.docx
《intermediate accountingfifteenth edition ch08.docx》由会员分享,可在线阅读,更多相关《intermediate accountingfifteenth edition ch08.docx(105页珍藏版)》请在冰豆网上搜索。
intermediateaccountingfifteentheditionch08
CHAPTER8
ValuationofInventories:
ACost-BasisApproach
ASSIGNMENTCLASSIFICATIONTABLE(BYTOPIC)
Topics
Questions
BriefExercises
Exercises
Problems
Concepts
forAnalysis
1.
Inventoryaccounts;determiningquantities,costs,anditemstobeincludedininventory;
theinventoryequation;balancesheetdisclosure.
1,2,3,4,
5,6,8,9
1,3
1,2,3,
4,5,6
1,2,3
1,2,3,5
2.
Perpetualvs.periodic.
2
9,13,
17,20
4,5,6
3.
Recordingofdiscounts.
10,11
7,8
3
4
4.
Inventoryerrors.
7
4
5,10,
11,12
2
5.
Flowassumptions.
12,13,16,18,20
5,6,7
9,13,14,15,16,17,18,19,20,21,22
1,4,5,
6,7
5,6,7,8,11
6.
Inventoryaccountingchanges.
18
7
6,7,10
7.
Dollar-valueLIFOmethods.
14,15,17,18,19
8,9
22,23,24,
25,26
1,8,9,
10,11
8,9
ASSIGNMENTCLASSIFICATIONTABLE(BYLEARNINGOBJECTIVE)
LearningObjectives
Questions
BriefExercises
Exercises
Problems
ConceptsforAnalysis
1.Identifymajorclassificationsofinventory.
1
1
2.Distinguishbetweenperpetualandperiodicinventorysystems.
3
2
4,9,13,17
4,5,6
3.Determinethegoodsincludedininventoryand
theeffectsofinventoryerrorsonthefinancialstatements.
4,5,6,7
4
5,10,11,12
2
CA8-3,CA8-5
4.Understandtheitemstoincludeasinventorycost.
8
3
1,2,3,4,
5,6,7,8
1,2,3
CA8-1,CA8-2,CA8-4
5.Describeandcomparethecostflowassumptionsusedtoaccountforinventories.
9,10,11,12
5,6,7
9,13,14,15,16,17,18,19,20,22
1,4,5,6,7
CA8-6,CA8-7,CA8-10
6.ExplainthesignificanceanduseofaLIFOreserve.
13,18
21
CA8-11
7.UnderstandtheeffectofLIFOliquidations.
20
8.Explainthedollar-valueLIFOmethod.
14,15,17,19
8,9
22,23,24,25,26
1,8,9,
10,11
CA8-9
9.Identifythemajoradvantagesanddisadvantages
ofLIFO.
16
CA8-6,CA8-8,CA8-10
10.Understandwhycompaniesselectgiveninventorymethods.
2
ASSIGNMENTCHARACTERISTICSTABLE
Item
Description
LevelofDifficulty
Time
(minutes)
E8-1
Inventoriablecosts.
Moderate
15–20
E8-2
Inventoriablecosts.
Moderate
10–15
E8-3
Inventoriablecosts.
Simple
10–15
E8-4
Inventoriablecosts—perpetual.
Simple
10–15
E8-5
Inventoriablecosts—erroradjustments.
Moderate
15–20
E8-6
Determiningmerchandiseamounts—periodic.
Simple
10–20
E8-7
Purchasesrecordednet.
Simple
10–15
E8-8
Purchasesrecorded,grossmethod.
Simple
20–25
E8-9
Periodicversusperpetualentries.
Moderate
15–25
E8-10
Inventoryerrors—periodic.
Simple
10–15
E8-11
Inventoryerrors.
Simple
10–15
E8-12
Inventoryerrors.
Moderate
15–20
E8-13
FIFOandLIFO—periodicandperpetual.
Moderate
15–20
E8-14
FIFO,LIFOandaverage-costdetermination.
Moderate
20–25
E8-15
FIFO,LIFO,average-costinventory.
Moderate
15–20
E8-16
ComputeFIFO,LIFO,average-cost—periodic.
Moderate
15–20
E8-17
FIFOandLIFO—periodicandperpetual.
Simple
10–15
E8-18
FIFOandLIFO;incomestatementpresentation.
Simple
15–20
E8-19
FIFOandLIFOeffects.
Moderate
20–25
E8-20
FIFOandLIFO—periodic.
Simple
10–15
E8-21
LIFOeffect.
Moderate
10–15
E8-22
Alternateinventorymethods—comprehensive.
Moderate
25–30
E8-23
Dollar-valueLIFO.
Simple
5–10
E8-24
Dollar-valueLIFO.
Simple
15–20
E8-25
Dollar-valueLIFO.
Moderate
20–25
E8-26
Dollar-valueLIFO.
Moderate
15–20
P8-1
Variousinventoryissues.
Moderate
30–40
P8-2
Inventoryadjustments.
Moderate
25–35
P8-3
Purchasesrecordedgrossandnet.
Simple
20–25
P8-4
ComputeFIFO,LIFO,andaverage-cost.
Complex
40–55
P8-5
ComputeFIFO,LIFO,andaverage-cost.
Complex
40–55
P8-6
ComputeFIFO,LIFO,andaverage-cost—periodic
andperpetual.
Moderate
25–35
P8-7
FinancialstatementeffectsofFIFOandLIFO.
Moderate
30–40
P8-8
Dollar-valueLIFO.
Moderate
30–40
P8-9
Internalindexes—dollar-valueLIFO.
Moderate
25–35
P8-10
Internalindexes—dollar-valueLIFO.
Complex
30–35
P8-11
Dollar-valueLIFO.
Moderate
40–50
ASSIGNMENTCHARACTERISTICSTABLE(Continued)
Item
Description
LevelofDifficulty
Time
(minutes)
CA8-1
Inventoriablecosts.
Moderate
15–20
CA8-2
Inventoriablecosts.
Moderate
15–25
CA8-3
Inventoriablecosts.
Moderate
25–35
CA8-4
Accountingtreatmentofpurchasediscounts.
Simple
15–25
CA8-5
Generalinventoryissues.
Moderate
20–25
CA8-6
LIFOinventoryadvantages.
Simple
15–20
CA8-7
Average-cost,FIFO,andLIFO.
Simple
15–20
CA8-8
LIFOapplicationandadvantages.
Moderate
25–30
CA8-9
Dollar-valueLIFOissues.
Moderate
25–30
CA8-10
FIFOandLIFO.
Moderate
30–35
CA8-11
LIFOChoices
Moderate
20–25
SOLUTIONSTOCODIFICATIONEXERCISES
CE8-1
(a)Inventoryistheaggregateofthoseitemsoftangiblepersonalpropertythathaveanyofthefollowingcharacteristics:
a.Heldforsaleintheordinaryofbusiness.
b.Toprocessofproductionforsuchsale.
c.Tobecurrentlyconsumedintheproductionofgoodsorservicestobeavailableforsale.
Theterminventoryembracesgoodsawaitingsale(themerchandiseofatradingconcernandthefinishedgoodsofamanufacturer),goodsinthecourseofproduction(workinprocess),andgoodstobeconsumeddirectlyorindirectlyinproduction(rawmaterialsandsupplies).Thisdefinitionofinventoriesexcludeslong-termassetssubjecttodepreciationaccounting,orgoodswhich,whenputintouse,willbesoclassified.Thefactthatadepreciableassetisretiredfromregularuseandheldforsaledoesnotindicatethattheitemshouldbeclassifiedaspartoftheinventory.Rawmaterialsandsuppliespurchasedforproductionmaybeusedorconsumedfortheconstructionoflong-termassetsorotherpurposesnotrelatedtoproduction,butthefactthatinventoryitemsrepresentingasmallportionofthetotalmaynotbeabsorbedultimatelyintheproductionprocessdoesnotrequireseparateclassification.Bytradepractice,operatingmaterialsandsuppliesofcertaintypesofentitiessuchasoilproducersareusuallytreatedasinventory.
(b)Acustomerisareselleroraconsumer,eitheranindividualorabusinessthatpurchasesavendor’sproductsorservicesforenduseratherthanforresale.Thisdefinitionisconsistentwithparagraph280-10-50-42,whichstatesthatagroupofentitiesknowntoareportingentitytobeundercommoncontrolshallbeconsideredasasinglecustomer,andthefederalgovernment,astategovernment,alocalgovernment(forexample,acountryormunicipality),oraforeigngovernmenteachshallbeconsideredasasinglecustomer.
(c)Customerincludesanypurchaserofthevendor’sproductsatanypointalongthedistributionchain,regardlessofwhetherthepurchaseracquiresthevendor’sproductsdirectlyorindirectly(forexample,fromadistributor)fromthevendor.Forexample,avendormaysellitsproductstoadistributorwhointurnresellstheproductstoaretailer.Inthatexample,theretailer—notthedistributor—isacustomerofthevendor.
(d)Aproductfinancingarrangementisatransactioninwhichanentitysellsandagreestorepurchaseinventorywiththerepurchasepriceequaltotheoriginalsalepricepluscarryingandfinancingcosts,orothersimilartransactions.
CE8-2
AccordingFASBASC605-45-45-19through21[ShippingandHandlingFeesandCosts]:
45-19Manysellerschargecustomersforshippingandhandlinginamountsinamountsthatexceedtherelatedcostsincurred.Thecomponentsofshippingandhandlingcosts,andthedeterminationoftheamountsbilledtocustomersforshippingandhandling,maydifferfromentitytoentity.Someentitiesdefineshippingcostsandhandlingcostsasonlythosecostsincurredforathird-partyshippertotransportproductstothecustomer.Otherentitiesincludeasshippingandhandlingcostsaportionofinternalcosts,forexample,salariesandoverheadrelatedtotheactivitiestopreparegoodsforshipment.Inaddition,someentitieschargecustomersonlyforamountsthatareadirectreimbursementforshippingand,ifdiscernible,directincrementalhandlingcosts;however,manyotherentitieschargecustomersforshippingandhandlinginamountsthatarenotadirectpass-throughofcosts.
CE8-2(Continued)
45-20Forthoseentitiesthatdetermineundertheindicatorslistedinparagraphs605-45-45-4through45-18thatshippingandhandlingfeesshallbereportedgross,allamountsbilledtoacustomerinasaletransactionrelatedtoshippingandhandlingrepresentrevenuesearnedforthegoodsprovidedandshallbeclassifiedasrevenue.
45-21Also,shippingandhandlingcostsshallnotbedeductedfromrevenues(thatis,nettedagainstshippingandhandlingrevenues).
CE8-3
FASBASC330-10-35-1and15withrespecttoadjustmentstoLowerofCostorMarket:
35-1Adeparturefromthecostbasisofpricingtheinventoryisrequiredwhentheutilityofthegoodsisnolongerasgreatastheircost.Wherethereisevidencethattheutilityofgoods,intheirdisposalintheordinarycourseofbusiness,willbelessthancost,whetherduetophysicaldeterioration,obsolescence,changesinpricelevels,orothercauses,thedifferenceshallberecognizedasalossofthecurrentperiod.Thisisgenerallyaccomplishedbystatingsuchgoodsatalowerlevelcommonlydesignatedasmarket.
WithrespecttoStatingInventoriesAboveCost:
35-15Onlyinexceptionalcasesmayinventoriesproperlybestatedabovecost.Forexample,preciousmetalshavingafixedmonetaryvaluewithnosu
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- intermediate accountingfifteenth edition ch08